Discuss the Trends and Implications of the Following Graph, Especially

question 58

Essay

Discuss the trends and implications of the following graph, especially with respect to the official start of the EMU on January 1, 1999.

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Definitions:

GATT

The General Agreement on Tariffs and Trade, an international treaty designed to reduce tariffs and other trade barriers.

Dispute Settlement Understanding

A core WTO agreement that outlines how countries can resolve trade disputes under its framework.

WTO

Short for World Trade Organization, an international body aimed at promoting and facilitating free trade by reducing tariffs and other trade barriers.

Tariff

A tax or duty to be paid on a particular class of imports or exports, used by governments to regulate trade.